Home Buyers' Amount (HBA) for first-time home buyers

The federal HBA may provide a non-refundable tax credit for first-time home buyers. The federal tax credit rate is 15%, so claiming the $5,000 HBA could lower your income tax by $750. You can generally claim the HBA if you or your spouse or common-law partner acquired a qualifying home, provided you didn't live in a home that either of you owned in the year the home was acquired or the prior 4 years.